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Exxon sells remaining stake in ex-Japan unit TonenGeneral
February 12, 2016 / 12:08 AM / 2 years ago

Exxon sells remaining stake in ex-Japan unit TonenGeneral

TOKYO, Feb 12 (Reuters) - Exxon Mobil Corp has sold its remaining stake in Japan’s second-biggest oil refiner by capacity, TonenGeneral Sekiyu KK , the Japanese firm said.

The move will not change TonenGeneral’s existing tie-up with Exxon Mobil, including brand usage, lubricant oil manufacturing and technical support in refining, the Japanese firm said in a statement.

TonenGeneral, formerly a unit of Exxon Mobil, bought a controlling stake in itself from Exxon in 2012 in a roughly $4 billion deal, reducing Exxon’s stake from 50 percent to 22 percent as the oil major pulls back due to declining Japanese oil demand.

Exxon Mobil had gradually reduced its stake in TonenGeneral since then, and had been replaced by Mitsui & Co as the top shareholder in the refiner with a 6.37 percent stake.

TonenGeneral also said on Friday it planned to set up a U.S. office in Houston on March 1, making it the company’s fifth overseas base. (Reporting by Osamu Tsukimori; Editing by Richard Pullin)

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